Inseego Corp. said Aug. 6 that it received a private placement of $19.7 million from an affiliate of Tavistock Group, a private investment firm based in the Bahamas, as well as North Sound Partners, an existing shareholder. Jim Avery of Tavistock Group and Brian Miller of North Sound Partners joined Inseego’s board of directors.
The company also announced that CEO Dan Mondor had been elected chairman of the board. He replaces Phil Falcone, who has stepped down.
Inseego (Nasdaq: INSG) deals in electronics and wireless communications, specializing in solutions for intelligent mobile enterprises.
On Aug. 7, the business announced quarterly financial results. Inseego reported a net loss of $6.7 million on revenue of $49.1 million in its second quarter. In the year-ago quarter, it reported a net loss of $12 million on revenue of $59.9 million.